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Acquiring a Payday Loan with No Credit – How You Can Secure Emergency Help without a Credit Score

Acquiring a Payday Loan with No Credit – How You Can Secure Emergency Help without a Credit Score

Posted by on Feb 29, 2016 in Payday Loans |

Is the state of your credit score pitiable to say the least, probably because of some financial blunders in the past that you just want to put behind yourself and move on? Or you probably just turned 18 and your credit score is nil due to having no credit history whatsoever to back you up? In either case, finding someone willing to lend you money can be very tough, if not outright impossible, especially in this economic climate. Or it was, up until recently.

Instant Payday LoansThe need for no credit check loans

However, that in no way means that, just like everyone else, you can’t have emergencies that require a quick infusion of cash too. In fact, we would say it is more likely for such people to land themselves in a situation like that compared to others. But that being kept aside, no matter who it is, it’s not that uncommon for an emergency expense of some kind to rear its ugly head, just when you are short of cash.

Payday loans – the solution for the rest of us

It is situations exactly like these that have forced the hand of quite a few loan and credit card companies into developing and offering services specifically designed to focus on such individuals and cater to their loan needs. These no credit check based loans, dubbed Payday loans because of the way they differ from Interest-based loans, circumvent past the toughest step in the process of acquiring a loan: your credit rating inquiry.

Benefits of Instant Payday loans

There are several benefits of instant payday loans, besides the obvious. Where people with bad credit scores, or even no score at all, can apply and instantly get approved for a Payday loan without any fear of getting disqualified, Payday loans today serve a far greater purpose than just being a way of acquiring loan for people with a bad credit score.

With the ease and simplicity that online personal loan services provide, it is possible for literally anyone, to have money transferred into their account quickly and without any hassle. Furthermore, there is no lengthy paperwork involved, no faxing credit receipts and other documentation, no application fee, and no prerequisites. An internet connection, a computer to access it from, and a valid ID is all you need to get the loan.

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Payday Loans vs Cash Advances

Payday Loans vs Cash Advances

Posted by on Jan 26, 2016 in Cash Advances, Payday Loans |

A lot of people will scream at the monitor once they see the title of this article. Why, because there is general opinion that payday loans are same thing as cash advance loans, and that those two phrases represent the same thing. Well, sorry to disappoint you but you are totally mistaken in that regard. Yes, both of these loan types are short term loans, but they are not the same thing and there are obvious differences between them. I will try to explain that here. So let’s go through both of these loans and you will see the difference between them once I lay them side by side in one place.

Payday loans are called like because they were originally repaid by checks that were valid once the next paycheck comes, which was the case of the cash advance loans as well. But over time both of these things evolved. Now, payday loans are unsecured loans which have low requirements, for example in most cases there is no credit check, but only a proof of employment necessary for the approval of the payday loan. This loan is paid back in one payment on designated day, 2 weeks in the most common period at the end of which you have to pay back the loan.

Online payday loans also require the existence on running bank account because all money transaction are conducted via that account. Even payday loans require some minimal income, but it is around 1 000 dollars, after tax payment of course. And payday loans are given up to 1 000 dollars per loan, there is only a small number of companies, both online and real-time, who will give you payday loans that are higher than that. You will be denied a payday loan if it is found out that you have one or more loans of this kind which were not paid. Reluctance for higher amounts in loans is partially due to high interest rate that follows loan, for 1 000 dollars of a loan taken on  two weeks you will have to return around 1 200 dollars, and lenders don’t want to risk more money on single borrower.

Cash advance loans are similar to payday loans in that they are still paid back on paycheck dates, and they are short-term loans too. But similarities end there. Size of the cash advance loan is calculated for every borrower, and there are two kinds of cash advances. One type of cash advance is determined by your income, while other type is connected to the limit of your card. Cash advances have low interest rates which makes them better in that aspect when compared with payday loans. But the time it requires to get a cash advance from the bank is something else. In that aspect payday loans have clear advantage over cash advances.

There you have it, the difference between these types of short-term loans. Now you can clearly see that saying that payday loans and cash advances are same thing is a mistake, because they are totally different and there are only several similarities between them.

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These are the Ways to Appropriately Treat Payday Loans!

These are the Ways to Appropriately Treat Payday Loans!

Posted by on Jan 18, 2016 in Payday Loans |

1. Treat the loan as a very important thing in your life.

Loans-OnlinePaying off your payday loans is very significant, however, paying the rent or buying food for your family is even more important than the loan. So, keep in mind to always put the necessary things first. Always pay back the debt with the highest rate of interest first, such as credit cards. You can be assured that this will usually be your payday loan. Also, keep in mind to keep on paying the minimum sums that you owe on the credit card so that you do not go into default.

2. Revoke on-going payment authorities!

It is your right to cancel the authorization to the payday lender to take out money from your bank account anytime; you should do this in case you don’t have sufficient money in your bank account to pay off the payday loan.

You can cancel the authorization to withdraw money by informing the lender. So, if you decide to inform him/her directly, then you should think about traceable ways: send a certified letter, because by this you will possess correspondence evidence in case they refuse it in the future.

Furthermore, you can always request from your bank to revoke your authorization. If you think that the payday lender will not accept your request, then you should definitely do this.

3. Be careful about automatic renewals!

It is significant that you have confirmed with your lender to take the whole sum of money you owe to him/her in case you have given him/her the authorization to withdraw money from your account in electronic way. Many corporations will only take out the renewal fee, and this will at no time lessen the owing sum.

4. Do not put up with phone calls that are threatening!

Cheapest Payday Loans OnlineA large number of the collections agencies that are employed by lenders will probably threaten you with some legal implications, such as prison time although it is illegal thing to do. So, be calm in case this happens to you. Tell to your caller that you know this is untrue and illegal if they try to persuade you otherwise. Also, try telling them that you think of reporting this to the authorities.

Furthermore, if they continue giving you these types of calls, you should begin recording them.

5. Always make sure whether the loan is legal or not!

If you owe money to an online payday lender, there is a possibility that the loan is illegal. Each and every country in the US possesses laws that are different considering payday lenders.

Some of these forbid a great number of the practices employed by those online lenders. So, if you conclude that your loan is not legal, you do not have to pay it off. Also, you can always get in touch with the Department of Financial Services in your country to establish whether online payday loan is legal or not.

You may have to close your bank account in order to prevent the lender from continuing to withdraw money.

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